Employees looking for a place to park their youngsters during the summer should consider day camp, including speciality camps. Tax break: Parents may defray day camp expenses through the company’s dependent care assistance program, up to the $5,000 annual limit.
Requirements: Children must be under 13 and the expenses incurred must enable parents to work. Day camp expenses clearly qualify, as do baby sitter expenses for kids who stay home. Even better: Employees can change their pretax deductions into dependent care flexible spending accounts to account for day camp expenses, but employees who pay for dependent care expenses with debit cards must resubmit substantiation if day camp expenses exceed their previously substantiated expenses.
No bunks: Expenses parents incur to send their kids to sleep-away camp aren’t eligible for this tax break.
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